Yearn Finance founder speaks after scandal


Yearn Finance founder Andre Cronje stated that the process worked well in the Eminence (EMN) project and that some social media actors were effective in the process of stealing funds after EMN token pricing. It was learned that some members of the DeFi community saw Cronje responsible for the $ 15 million EMN token hacking and planned to sue him.

“Speculators spoil things”

Commenting on the process in a post on Medium, Cronje said:

“It was the wrong decision I made more than the right decisions. There have been more failures than what I have achieved. I had ideas that were good in theory but didn’t work in practice. I do not only do projects to increase the price. The involvement of speculators in such works is one of the biggest reasons why the project has moved away from its main purpose ”

“DeFi tokens are not stocks”

Stating that stocks and DeFi tokens are not the same, but investors invest in DeFi tokens as if they were stocks, Yearn founder said, “Buying DeFi tokens is to participate in that project. “It’s not just owning a token…” he said.

“Developers and community are the same”

Cronje also said that he did not create Yearn himself and stated that there was a great friction between the community and the developer teams. “We are all one. I do not see any distinction. He said it shouldn’t be.

“A rational person would not buy EMN that day”

Cronje also touched upon the issue of EMN tokens, defending himself and stated that people were moving away from the functionality of the project by raising prices that day:

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“The contracts that day were okay compared to my normal test cycle. I was in the last stage of my control. I just put forward a different version that day. LBI was working, it still works. People started to buy from Uniswap suddenly and increased the price. It was something that a rational investor or any actor should never do. Such people confuse price and functionality ”

Although Cronje did not announce the new project and completed the tests on Twitter that day, as alleged, users loaded ETH on this unmoderated contract. Cronje, on the other hand, acknowledges the fact that it is too naive, and that he is not responsible for the actions of users who make unreasonable investments.

Cronje, on the other hand, did not comment on the people preparing to sue him and stated that he will continue to produce within the industry.


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